Life savings Insurance is life insurance cover provided by Credit Unions to all eligible members. With life savings insurance, a benefit is calculated and added to a member’s total assets with the credit union upon that member’s death. The amount they receive will depend on the age and savings history in the credit union. There is no direct cost to the member as the life savings premium is borne as an operational expense by the credit union
Who is eligible for Life Savings Insurance?
- Members who joined the Credit Union before their 70th birthday
- Members actively at work, or if not working are in good health
- Members who remain a member of the Credit Union
Life savings insurance cover applies to share balances up to a member’s 70th birthday. Lodgements received after this date are not insured and withdrawals may reduce the value of the claim.
Life Savings – Insurable Share Balance
|
AGE |
BENEFIT |
| Up to 55th birthday | 100% insured |
| 55 to 60th birthday | 75% insured |
| 60 to 65th birthday | 50% insured |
| 65 to 70th birthday | 25% insured |
On balance or lowest balance thereafter.
Maximum cover £15,000.
